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Screen OKCPmt - Oklahoma Composite Payments, Extension and Pen and Int (1065)
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Payments
Prior year overpayment
Enter any prior-year overpayment that was credited to the current year. UltraTax CS automatically treats this amount as a first-quarter payment for purposes of calculating Form OW-8-P. Do not include this amount again in the 1st payment field.
Total, or / 1st - 5th payment
Enter the total of all estimates made for the tax year in the Totals, or fields. UltraTax CS includes this amount on Form 514, Page 1. To override the way UltraTax CS applies the total to all quarters, enter actual amounts of estimated tax in the 1st payment through 5th payment fields. If amounts are entered in any of the individual payment fields, UltraTax CS ignores the value in the Totals, or fields for purposes of calculating Form 514.
The first four fields in the Date column default to the respective quarters’ due dates and the fifth payment date defaults to the fourth-quarter date. If the payments were not made on the estimate due dates, enter the actual dates of payment in the fields provided.
Treat calculated amounts as amounts paid
If the return was completed using last year’s application and estimates were calculated for the current year, UltraTax CS proformas the amounts to the Calculated Amount fields. If there has not been data entry for estimate payments, enter
X
in the Treat calculated amounts as amounts paid field to move the calculated amounts into the Amount Paid fields.Amount paid with extension
Each time you print the extension (via the
File
, Print
then Extensions
option), UltraTax CS:- calculates the extension payment amount and enters it in this field, and
- prints this amount on the main return, not on the extension.
Alternatively, you can overrule the calculated amount by entering the amount actually paid with the current-year extension in this field. UltraTax CS then displays the new amount in black.
note
- To delete the overruled amount and restore the original calculated amount, right-click the field and choose Delete overrule.
- To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. UltraTax CS then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
- If desired, you can set a user preference to mark fields for which you overruled the calculated amounts and to list all overruled amounts in the Diagnostics window.
Extension
Calculate extension
If you leave this field blank and run the extension utility, UltraTax CS automatically selects the extension form to be used. If the federal return is extended and there is no balance due on the state return, UltraTax CS will not print Form 504-C because Oklahoma accepts the federal Form 7004. If the federal return is extended and there is a balance due on the state return, UltraTax CS will print Form 504-C. If the federal return is not extended, the application will print Form 504-C. Enter
3
to force UltraTax CS to use federal Form 7004. UltraTax CS will not print Form 504-C. Enter 1
to force UltraTax CS to calculate the extension at 100 percent of the current year liability and to print Form 504-C. Enter 2
to force UltraTax CS to calculate the extension at 90 percent of the current year liability and to print Form 504-C.note
UltraTax CS also enters the applicable due date in the
Extended due date
field. To print an extension with the amount fields blank, leave this field blank and select File
then Print Extensions
.Extended due date
If an extension is printed by select
File
, Print
then Extensions
, or 1
, 2
or 3
is entered in the Calculate extension field, the extended due date automatically appears in this field. If a different due date is desired, enter that date in this field. This date is used to calculate the due date of the extended return.Total income tax liability (Force)
If you enter an amount here, UltraTax CS enters the amount on Form 504-C as Total income tax liability, enters
1
in the Calculate extension field, and completes the Extended due date
field.Balance due on extension (Force)
If an amount is entered here, UltraTax CS displays the amount on Form 504-C as balance due, defaults to 1 in the Calculate extension field, completes the Extended due date field, and displays the amount in the Amount paid with extension field.
Reason for extension
Use the statement to enter the reason for extension that prints on Form 504-C. To enter a reason for extension that applies for all clients, select
Setup
, 1065 Partnership
then Oklahoma
tab, and select the Extension
button. If you enter a reason for extension in this field, the reason for extension from the Extension dialog does not print. If you leave this field and the Reason field in the Extension dialog blank, UltraTax CS prints the default line Additional time is requested to gather information to prepare a complete and accurate return on all extensions for this state application.Penalties and Interest
Date return filed
If the date entered in this field is later than the return due date, UltraTax CS automatically calculates the late-filing penalty and interest. If this field is blank, the date return filed defaults to the due date of the return.
Suppress penalties on Form 514: Underpayment of estimated tax
Enter
X
to suppress the printing of Form OW-8-P and the calculation of the underpayment penalty on Form 514. UltraTax CS prints Form OW-8-P and includes the underpayment penalty on the return if this field is blank and the underpayment penalty is due.note
To suppress the penalty, but print the form, enter
X
in the Underpayment of estimated tax field, select Setup
, 1065 Partnership
. In the Oklahoma tab, select the Tax Return
button. Highlight Form OW-8-P and select the Always if data
option to force UltraTax CS to always print the form when it contains relevant data.Suppress penalties on Form 514: Late interest
Enter
X
to suppress the late payment interest on the return. UltraTax CS prints the OK Late Filing Interest and Penalty Worksheet if this field is blank and late interest is due. The OK Late Filing Interest and Penalty Worksheet will also print if the Failure to file / Failure to pay field is blank and a penalty exists.Suppress penalties on Form 514: Failure to file / Failure to pay
Enter
X
to suppress the failure to file / failure to pay penalty on the return. UltraTax CS prints the OK Late Filing Interest and Penalty Worksheet if this field is blank and the failure to file penalty is due. The OK Late Filing Interest and Penalty Worksheet will also print if the Late interest field is blank and late payment interest exists.note
UltraTax CS prints the OK Late Filing Interest and Penalty Worksheet when penalties or interest exist. If the
Late interest
and Failure to file
Failure to pay
checkboxes are both marked, the OK Late Filing Interest and Penalty Worksheet will not print.Amended Return
Use this section to enter payments made with the original return and the previously issued refund amount for an amended return. UltraTax CS transfers these amounts to Form 514, Page 1, lines 9 and 10.